There are two options to maintain closing stock value. For accounting only, user has to maintain stock value manually. For accounting and stock control user, system able to generate the closing stock value automatically. System obtained the closing stock value from stock value report.
Below are the overall content fot this topic:
For Accounting Only
Step 1: Enter Opening Stock Value
Step 2: Maintain stock value
Step 3: Enter debtor invoice
Step 4: Maintain closing stock value
Step 5: View Profit and Loss Report
For Accounting and Stock Control
Step 1: Maintain stock opening
Step 2: Enter Sales Invoice
Step 3: View Stock Value Report
Step 4: View Profit and Loss Report
For Accounting Only
Step 1: Enter Account Opening Balance
Table 1: Enter account opening balance
1. Go to General then A/C Opening Balance
2. Key in the opening balance according to Table 1
3. Click on Save
4. Click on Yes
5. Click on OK
Step 2: Maintain stock value
1. Go to General then Maintain Stock Value.
2. Stock Value panel displayed. Click on Add button.
3. Select the account number and system auto displayed amount from opening balance.
4. Click on Save button
5. Stock value will display the record.
Step 3: Enter debtor invoice
Table 2: Enter debtor invoice
1. Go to Debtors and select Invoice.
2. Click Add to create a new invoice.
3. Enter transaction according to Table 2.
4. Click on Save A/C.
5. Click on Save.
Step 4: Maintain closing stock value
Closing Stock Value = Opening Stock+Purchase-Sales
For example, Closing Stock Value = 5,000+0-3000
=2000
1. Go to General then Maintain Stock Value
2. Click on Enter Closing Stock
3. Click on Add
4. Enter data according to following table:
5. Click on Save
6. Click on Close
Step 5: View Profit and Loss Report
1. Go to General and select Profit and Loss Account
2. Enter the filter details accordingly to the table provide
3. Click on Print
4. Click on Preview
The outcome of the report is as follows:
For Accounting and Stock Control
Step 1: Maintain stock opening
Table 3: Enter stock opening
1. Go to Stock and select Opening Stock
2. In the Opening Stock screen, select PRODUCT A and click Edit
3. Select Add New Record button that on the top right of the screen
4. Enter data according to Table 3
5. Click on Save
6. Click on Close
Step 2: Enter Sales Invoice
Table 4: Enter sales invoice
1. Go to Sales and select Invoice
2. Click Add
3. Key in the sales invoice according to Table 4
4. Click on Save Product
5. Click on Save
Step 3: View Stock Value Report
1. Go to Stock and select Stock Reports
2. Select Stock Value Report
3. Click OK
4. Enter the filter details accordingly to the table provided
5. Tick on Update Stock Cost
6. Click Print
7. Click Preview
NOTES: System get the stock value figure and post it to profit and loss report.
The outcome of the report is as follows:
Step 4: View Profit and Loss Report
1. Go to General and select Profit and Loss Account
2. Enter the filter details accordingly to the table provide
3. Tick on the option Generate Stock Value
4. Click on Print
5. Click on Preview
NOTES: The figure for closing stock is generated from stock value report
The outcome of the report is as follows:
